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Big data in oil and gas refer to the large volume of data generated at high velocity in many formats like structured, unstructured data generated by various processes and financial transactions in the oil and gas industry. Big data is used to derive meaningful information for better decision making using various analytical tools and techniques. Accuracy in big data helps in making efficient and improved decisions that can result in increased operational efficiency, reduced risk, and cost reduction. With the correct technology solutions, oil & gas companies move apart from traditional real-time monitoring to more rapid real-time predictions. By rapidly evaluating incoming technical and business data and implementing that information to complicated models in real-time, they can bring out tactical insights that help in increasing production and drilling performance while avoiding problems.
Based on the component, the market is segmented into hardware, software and services. The software services hold the largest share of the market and dominate the market due to wide use in larger scale in oil and gas industry to generate and access the data, which is then used as information to make decisions in the refineries and natural gas companies.
Furthermore, based on the application, the market is segmented into upstream, midstream, and downstream, where upstream dominates the market owing to major various services and maintenance activities requiring data analysis in the different natural gas and oil-producing companies.
The key market driver of this market is increasing production and drilling performance for the oil and gas industry. Other factors that drive the market growth include, to enhance decision making and improve operational and business performance, volatile oil prices, and increasing competition in the oil and gas industry.
The key market restraint is the lack of awareness regarding the advantages of the systems. Several companies do not have the clear and right idea about the various technologies that are hitting the market, and thereby, they lack in upgrading the software and system in the oil & gas industry.
Key Market Driver -
Increase production and drilling performance.
Key Market Restraint -
Lack of awarenesss regarding advnatges of the system.
Some of the major companies in Big Data in Oil and Gas Market are Accenture, Cisco, Dell EMC, Hewlett-Packard Enterprise, IBM, Microsoft, Oracle, SAP, SAS, Teradata, Hitachi Vantara, Drillinginfo, Northwest Analytics, Hortonworks, and MapR Technologies.
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The global big data in the oil and gas market covers different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is anticipated to be dominant in this market, accounting for more than a quarter of total share over the forecast period due to an increase in the production and drilling activities in the oil and gas sector and will dominate the market over the next five years. Followed by Europe and the Asia Pacific, Europe is expected to see demand over the forecast period by increasing focus on intensifying operational efficiency along with increasing usage and will dominate the market in the near future. Asia Pacific is witnessed to see healthy growth over the forecast period in countries like India and China, which are anticipated to switch big data for making any kind of strategic decisions along with the growth opportunities in other APAC countries, which will drive the market. Latin America and Middle East & Africa hold immense opportunities for growth in the oil and gas market. This is due to an increase in the production of oil and followed by increased drilling activities in countries like Saudi Arabia, Iran, and Israel, which can be projected to dominate the market.
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